The ‘AutoPlus Insurance’ policy started by Shikhar Insurance Company last November has gained popularity in a short period of time. Shikhar Insurance’s ‘Auto Plus Insurance’ is a unique policy in the Nepali insurance market, which provides facilities and complete relief otherwise not included in the ‘Motor Tariff Directive 2073’.
According to the Motor Insurance Directive 2073, if the motor insurance policy does not provide full indemnity to the owner of the vehicle at the time of damage, only claims up to the sum insured in case of damage or theft of the vehicle can be made.
Furthermore, during the damage assessment amount will be deducted for depreciation, if the vehicle is unusable or fully damaged the insurer have to pay all the additional costs and during the time of repair or until a new vehicle is purchased the insurer is liable of all transportation costs.
As Motor Vehicle Insurance can not provide full indemnity to vehicle owner, Shikhar Insurance Company Ltd. has introduced “Motor Vehicle Additional Benefit Insurance” to provide more indemnity.
There are 3 types of benefits that can be insured under this insurance :
This policy only applies to owner of four wheelers and two wheelers like cars, jeeps, motorcycles and scooters. The insurance period of an Autoplus insurance policy is the same as the comprehensive vehicle insurance period. From the date of registration in Nepal, ‘Auto Plus Insurance’ policy can be purchased only for vehicles below 10 years of age.
Under this insurance plan, in case of vehicle damage and replacement of spare parts is needed, the company pays only the amount of deduction as per the surveyor’s report or damage assessment.
Similarly, under Auto Plus Insurance, the company provides new vehicles only if the vehicle is completely damaged or stolen under vehicle replacement plan.
Similarly, in this policy, the insured will also get daily transportation expenses as a third facility. The company also provides transportation fares up to a maximum of 30 days in case of complete damage or theft of its vehicle and up to a maximum of 14 days in case of partial damage. However, the daily fare paid under this benefit will be different for two and four-wheelers. The fare also varies according to the price of the vehicle.
Shikhar Auto Plus Insurance has added new dimension for the insured including the Motor Insurance Directive 2073, which has made the private car owners excited, the company said.
Autoplus Insurance Scheme is a new policy launched by Shikhar Insurance to dominate the non-life insurance sector which has been a successful leader in this field for the past 17 years.
Meanwhile, Laxmi Intercontinental, the official dealer of Hyundai vehicles for Nepal, which has been insuring Hyundai vehicles with Shikhar Insurance, has also come up with a one-year insurance discount scheme targeting the New Year 2078 BS. The company has been providing insurance services with various facilities to its customers through its 13 showrooms and 17 service centers across Nepal.
